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Merrimack Pharmaceuticals, Inc.

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Merrimack incurred wider-than-expected loss in Q2. With the sale of Onivyde, Merrimack is back to being a development-stage biopharmaceutical company. Hence, the successful development of the two lead candidates in its pipeline is critical for Merrimack’s growth. One of the candidates, MM-121, is still being evaluated in a phase II study while the other candidate, MM-310, is in a phase I trial. The cash received from Ipsen was used to pay down the huge debt and return value to shareholders in the form of dividends. Moreover, the company also invested part of the proceeds to develop its streamlined oncology pipeline. Notably, the company received $14.7 million debt facility from Hercules Capital and expects it to fund operating plans for at least through the first quarter of 2020. Shares of the company have outperformed the industry in the past month.

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